Integrity Bank, based in Georgia, became the 10th bank this year to be taken in to receivership by the FDIC. A small bank, with about $1 billion in managed assets, Integrity is the latest victim of the mortgage market meltdown and credit crisis after a series of aggressive bets on loans in the Atlanta [...]
Lehman Brothers, the ailing Wall Street I-bank, is cutting up to 1,500 jobs in the face of the ongoing credit crisis. Not surprising as Lehman made the biggest bets in subprime during the boom and has massive exposure to further losses on its loan portfolio.
From the Wall Street Journal (subscription req’d):
Thornburg Mortgage, the company famous for buying prime (then) jumbo mortgages (above $417,000) is struggling to survive. The company’s CEO calls the situation “precarious” and they continue to try to fight off the effects of a $3.3 billion first quarter loss and a secondary market that’s all but vanished.
Thornburg is classic proof [...]
The banking sector had its worst quarterly performance in nearly twenty years as profits fell 86.5% across the sector. The weakening has forced the FDIC to begin replenishing the deposit insurance reserve this fall. The major loss in profits was tied to loan loss reserve provisions which require banks to keep additional cash [...]
Here is another guest post by Raoul Badde. Raoul Badde is an Ambassador to CAMB and has worked in all aspects of mortgage lending for over 8 years. He currently works with and advises mortgage brokers through www.your-ae.com. Enjoy! If you’d like to submit an article for publication here email me directly.
Before [...]
Even with the cheerleaders trying to put a sunny face on the credit crisis we’re still not out of the woods yet. We’ve had another bank failure and we’re still looking at billions in write downs. But feel free to sing “the sun will come out tomorrow” if it makes you feel warm [...]
Here’s another guest post, this one comes from Josh Lewis. Josh and I have sparred over many topics in the mortgage space and through that conversation I’ve learned a lot from Josh. I have tremendous respect for him and his understanding of the mortgage industry.
Josh Lewis has assisted California homeowners as a Certified [...]
A new report out today by Goldman Sachs forecasts that half of the world’s economies are in or will be in a recession within one year.
So much for containment. Care to comment Mr. Bernanke? (comment below from Bernanke’s testimony to Congress in May, 2007)
“We believe the effect of the troubles in the subprime sector on [...]
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